In April, closings of new homes in the Stockton, CA market gained year-over-year, but the percentage rise was less than March 2016, suggesting the market may be leveling. New home closings saw a jump of 38.6% from the year earlier to 97. This followed a 57.1% hike year-over-year in March.
A total of 1,442 new homes were sold during the 12 months that ended in April, up from 1,415 for the year that ended in March.
New home closings accounted for 12.1% of overall housing closings. This marks a rise from 8.6% of total closings a year earlier. Following a year-over-year rise in March, closings of new and existing homes slid year-over-year in April.
Pricing and Mortgage Trends
In April, there was a 7.9% surge year-over-year in the average price of newly sold homes, reaching $480,325 per unit. This rise is an improvement over the 5.8% boost in March year-over-year.
Average mortgage size on new homes increased year-over-year along with new home prices. The average mortgage size saw a 13.0% bump year-over-year to $376,484 in April. Average mortgage size gained 2.8% in March 2016 from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016. Single-family home closings have represented all of new home closings while attached unit closings have made up no part of closings.
There was a move in the average unit size of newly sold homes from 2,600 square feet in April 2015 to 2,585 square feet in April 2016. The average size of newly sold homes moved from 2,630 square feet in March 2015 to 2,368 square feet in March 2016. In March 2016, the average size of newly sold homes declined 10.0% from the year earlier.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 16.1% of existing home closings, down from 19.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 7.1% in April from 10.2% a year earlier and REO closings moved from 9.5% of existing home closings in April 2015 to 9.0% in April 2016.